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More than one in three jobs are to go at 3i as the private equity group battles to revive its fortunes.

Simon Borrows, the new chief executive, said yesterday that the company — which owns businesses such as the lingerie maker Agent Provocateur and the womenswear retailer Hobbs — would shut its offices in Barcelona, Birmingham, Copenhagen, Hong Kong, Milan and Shanghai.

The move, cutting 3i’s office network from 19 to 13, will result in the departure of more than 160 employees, or a third of 3i’s headcount. The company also expects a saving in indirect costs.